© Dukascopy Bank SA
"That put a little doubt in people's minds. The kiwi may trade in a range of between 82.50 US cents and 82.75 cents."
- ASB Institutional (based on TVNZ)
Pair's Outlook
Quite a few pairs are having a volatile session today; kiwi is no exception. Earlier in the session it dropped to weekly pivot (PP) at 0.8273 and then advanced slightly above 0.83 breaching weekly pivot (R1) and Bollinger band on the way, but returned to opening level at 0.826. It is likely that such negative mood will persist further and pair should test 0.82 pretty soon.
Traders' Sentiment
Negative perception about pairs future strengthened further as amount of bears in the market increased by 8% overnight and is at 74% gauge today. Pending orders to go short on the pair increased by stunning 18%, reaching 69% share of all pending orders.
© Dukascopy Bank SA